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Bund: Support Breaks At 141.65/60

By Jason SenBondsJan 31, 2013 01:35AM ET
Bund: Support Breaks At 141.65/60
By Jason Sen   |  Jan 31, 2013 01:35AM ET
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Bund broke support at 141.65/60 to test the daily 61.8% Fibonacci support at 141.39/37. We looked for a low here and over ran to 141.28 before we got the bounce. Today, we could see a climb back through 141.62/67 to 141.94/98 resistance. This is yesterday’s high and also the first short term Fibonacci target. Watch for a high for the day again here but if we push through 142.00 we could go for a test of 142.27/34. This is very strong resistance and should be unbeatable so we can exit longs and try shorts with a stop above 142.47.

141.37/28 could hold the low again today with short term stochastics showing we may have bottomed for the week. However we are in a down trend and the daily picture is still quite negative. Go with a break lower looking for 141.14/08 which is a 50% correction of the rally from 2012 double bottom lows at 135.27 and as such should provide good support today. However a break below 140.95 could then target 140.71/65 then good support at 140.51.
Bund: Support Breaks At 141.65/60
Bund: Support Breaks At 141.65/60

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